COVID-19 has changed everything in 2020, and there isn’t an industry that hasn’t been affected in some way, and the real estate sector is right there in the middle of it all.
New rules came in over the last few weeks that make public auctions and open inspections illegal. If you’ve been building towards commercial real estate purchases for 2020, it’s becoming more and more difficult, but its not the end of the road. We are here to tell you that it is still possible to buy commercial property, and there’s never been a better time to jump at it.
What do the recent changes mean?
In the future, we will all be looking back to this few months of chaos and see how drastically everything spiralled. We have been forced to adapt to new measures overnight. In an industry that has always been face-to-face in almost every aspect, we, as an industry, need to make changes to the way we conduct business.
The most significant changes are in the avenues of public or group contact. Now with the need to run one-on-one inspections, online or phone conference auctions to maintain safe environments for agents and investors and buyers alike.
One thing we have learned is that we are incredibly adaptable. The innovative ideas that have emerged across many industries in the last few weeks are staggering. When change is forced, we adapt. And commercial real estate is adapting quickly to new changes.
Prospective buyers are still able to contact agents to schedule private inspections. This is something we have all dealt with before, but the situation opens new opportunities for buyers. It offers a far more personal experience between buyer and agent, with better options for potential buyers to view in more detail than usual.
Drastic Changes to Auction Processes
Auctions cannot be run publicly, so innovative options are emerging, with the likes of online auction rooms, and far more telephone-based bidding options in play. Online auctions have always been a very efficient way to buy and sell commercial property, and they are typically unconditional, and immediate contracts. So it’s a much quicker process, and will prove itself in the coming months.